I own a house but otherwise I am broke- do I sell?

Jenny_

I am putting this out for discussion incase anyone else has been in a similar situation or tried this.
I'm a single mom, live off 24 hours a week (over4 days) work as a nurse.
The reason for the short days is to fit with school hours- It makes it difficult for my employer and there are currently no more hours to get in my job so doing 5 6 hour days is not possible.
I have a house which is 2 bed- my 5yr old son and 11 yr old daughter share a room.
The house was worth £130k 5 yrs ago- I paid £30k about 10 yrs ago. (Still have a mortgage- but that is now £160 a month- cheeper than most rents)

I have no spare money, once elec, petrol mortgage and other regular essentials are paid there is very little left over, and that mostly goes on the irregular expenses like tyres, car tax, blah blah blah.
I make ends meet, but that is it- there is nothing left to give a quality to my life.

My theory is that I could sell the house, get a council house but then have some money to use to have a bit of fun, maybe buy a field and keep a horse. Or just get an annual holiday.
I don't care about having money and assets, it seems to me I could struggle for the next 20 years before I get to a point my kids are independant.

Is this just an unrealistic idea? I know a lot of people would value the idea of a house with it's security but I can't afford the jump from a 2 bed to three bed house so it's looking like I'll have to move into council house anyway.

Has anyone sold their homes to live thier dreams while they were young?
did it work out?
My parents sold their home to travel around the world when I was a kid- maybe that where this idea comes from.

Please all you wonderfull people give me the benefit of your experiences, positive and negative to help me consider all that might be involved/

Really2

Jenny_ wrote: »

My theory is that I could sell the house, get a council house but then have some money to use to have a bit of fun, maybe buy a field and keep a horse. Or just get an annual holiday.

Congratulations as your first ever thread being on this board perhaps it would be more at home in the buying and selling section though.;)

I think your problem is you will have made yourself homeless, thus get nothing. You could go on the list of the council or HA due to you situation and over crowding.

But if finance is the only issue why not remortgage over a longer term?

phil_b_2

Sounds like a tricky one.

Is there really no scope to increase your income? Even if it was just an extra £20 a week that would be about £1k a year which would give you a bunch of decent budget holidays with the kids to spread out.

Graham_Devon

You owe me a new trolldar.

You just broke my current one by sending it off the scale.

Bank over 100k and just walk into a council house? LOL.

lemonjelly

You may be deemed to be intentionally homeless, therefore the council would not have any obligation to rehouse you. Unless you are able to show that it is not financially viable for you to remain there... Given that you aspire to have a field and a horse, that is unlikely...

In addition, your mortgage is cheaper than even LA rents. I therefore think you'd be doing yourself & your kids a disservice.

PS whay aren't you getting working/child tax credits & child benefit?

The_White_Horse

i think the tax payer should just give you 5000 a month to spend. that would be the fairest thing to do.

Really2

Graham_Devon wrote: »

You owe me a new trolldar.

You just broke my current one by sending it off the scale.

Well I did not want to be so rude but seeing as we are not visable I would have thought this was the last place your first post would be as an "outsider"

Graham_Devon

Really2 wrote: »

Well I did not want to be so rude but seeing as we are not visable I would have thought this was the last place your first post would be as an "outsider"

The field and the horse was far, far ruder

lostinrates

Buying a field and getting a horse, when you re hard up with kids and time poor due to their care seems frankly, a bit odd. I speak as a horse owner.

HAMISH_MCTAVISH

This is absolutely the wrong board to ask, we're the madhouse that only exists to stop us polluting the other boards. Try buying and selling houses board, and the benefits boards.

Too many people here will smell a wind up from a new poster.;)

Oh, and why the Americanism of the word "mom"......

And while I'm at it, the chances of getting a council house are pretty much zero in most places, 30 year waiting lists and all that.

And another thing.......... No, I'll stop now, as I said, we're the wrong board to ask.

dopester

You should consider what similar people in the position you were back 10 years ago are in, when you bought for £30K, having to find £130K+ if they want to buy the same kind of FTB style home.

Try the money they have to raise, the debt they have to take on, to get where you are now - and see how that compares with the quality of life crisis you're having.

I don't know whether you should STR (sell to rent for a while, and buy a 3 bed for much less after values fall) - stay where you are and be thankful you (probably) nearly own your own home outright when bought at £30K - but this selling and going on a spending pleasure streak, and expecting the council to take care of you raises my blood pressure.